Meet the 37 Senators Who Voted for Millionaires Over Students
June 17, 2014
This piece originally appeared on the Campaign for America’s Future blog.
The Capitol Rotunda looms over the statue of George Washington on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)
Senate Republicans sided last week with 22,000 millionaires over 40 million Americans with student debt by blocking the Bank on Students Emergency Loan Refinancing Act.
The 56-38* vote fell shy of the 60 needed to prevent the bill, sponsored by Sen. Elizabeth Warren (D-MA), from being filibustered. The bill would have given existing student loan borrowers the chance to refinance their debt at today’s lower interest rates and would be fully paid for by enacting the “Buffet Rule,” which ensures billionaires and millionaires pay their fair share of taxes.
Refinancing student loans is common sense. Homeowners, businesses and even local governments are able to refinance their debts, yet graduates are being penalized for simply getting an education and a fighting chance at entering the middle class. There is no economic argument against the bill, either. Refinancing would help stimulate the economy by putting $62.9 billion back into the pockets of the millions struggling with student debt who need it the most.
“With this vote we show the American people who we work for in the United States Senate: billionaires or students,” said Warren. “A vote on this legislation is a vote to give millions of young people a fair shot at building their future.”
Warren is right: Time after time Republicans have shown they stand for Wall Street over Main Street. The only justification Republicans could offer for their vote to filibuster was that the bill was a Democratic ploy.
“The Senate Democrats’ bill isn’t really about students at all. It’s really all about Senate Democrats,” said Minority Leader Mitch McConnell (R-KY). “They want an issue to campaign on to save their own hides this November.”
The truth is this happens to affect Republicans and Democrats alike. Warren’s legislative remedy is supported by the majority of Americans, is economically Meet the 37 Senators Who Voted for Millionaires Over Students | Perspectives | BillMoyers.com: